Modern Economy
Throughout the 20th century, Delaware has led the nation in harnessing new technologies to improve the way people bank. WSFS, a Delaware institution, created the first iteration of the debit card in 1972. In 1980, Delaware’s economy was revolutionized with the passage of the Financial Center Development Act, which made Delaware a leader in accessing credit with those same technologies.
Nearly forty-five years later, Delaware is writing a new economic chapter for our state. Our financial system is undergoing a radical transformation as businesses and banks transition to using new financial technologies, or fintechs. Delaware has the capacity to leverage our legacy to become a leader in these evolving industries, but only with federal action that lays the foundation for innovation.
Congress must help position the United States – and Delaware – as a global leader by fostering progress with federal investment and federal regulation that provide consumers with protections and entrepreneurs with clarity.
The United States has not enacted new securities laws since 1933. Our existing laws around banking do not fit 21st century technologies and without updates, we risk harming consumers, innovation, and economic opportunities. Clear and stable rules that defend the privacy and security of consumers serve businesses and consumers well. Passing robust data privacy legislation will restore consumer agency over personal data and help build trust and confidence in emerging financial services. Just as I’ve done in the Delaware General Assembly, I’ll fight for these common sense protections.
By embracing fintech, blockchain technology, and crypto innovation, we have the opportunity to cultivate a more inclusive economy that reaches every corner of our nation – and sets Delaware’s economy up for long term success.